Gulf guarantees $19 billion in West African projects

Eight West African nations granted to $19 billion worth of infrastructure contracts, with the lion’s share going toward a vast road and railway project by a company in the United Arab Emirates.

Gulf guarantees $19 billion in West African projects

General Contracting in Abu Dhabi succeeded the $16 billion project to construct roads and railways in Burkina Faso, Mali and Senegal. The company is owned by Royal Group, which possessed by Emirati businessman and Abu Dhabi royal family member Tahnoon bin Zayed Al Nahyan.

UAE corporations have been assertively growing and investing abroad. The nation observes itself as a doorway linking Africa and the Middle East with Asia, and Asia with Europe. Backed by its oil prosperity, the UAE has itself speedily developed and changed in just a few decades from a state of unfortunate fishing rural communities into the one of the country’s top investment centers with new and progressive infrastructure, skyscrapers and mega highways in Abu Dhabi and Dubai.

Currently, Dubai is the center of business. The UAE is a genuine testimonial of maturity and advancement. The nation has a lot of riches, prosperities and natural resources.

It has been stated that the projects revealed at the investment meeting as the start of “a Marshall Plan” for West Africa.

The investment discussion brought to Dubai the eight heads of state of the West African Economic and Monetary Union, which groups together Burkina Faso, Benin, Niger, Mali, Senegal, Ivory Coast, Guinea-Bissau and Togo.

A total of 16 agreements were inked at the investment meeting. Further projects cover a range of divisions for instance energy and food security.

Benin, Guinea Bissau and Niger agreed to almost $2 billion project including airport, bridge, roads, airport and a thermal power plant by Essar Projects.

Hasan Juma Backer Trading and Contracting, an Oman-based company acquired a $700 million dry-port expansion project in Ivory Coast.